The economy of China is experiencing a tremendous economic growth since the late 1970s. Presently it is one of the fastest growing economies of the world. In a report by Asian Development Bank, China's growth rate for the coming 2-3 years is predicted to be 8.5 % and above. Gross National income of the economy according to World Bank sources, was 1411.6 US $ billion in 2003 and the per capita income was US $ 1110 in the same year.
The economy is presently more market oriented in nature. Major industrial products of the country are textiles, chemicals, fertilizers, machinery (especially for agriculture), processed foods, iron and steel, building materials, plastics, toys, and electronics.
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